US and Iranian negotiators in New York are exploring a phased path out of war on the sidelines of the U.N. General Assembly. The proposal would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iranian ports.
Iranian Foreign Minister Abbas Araghchi stated that the plan calls for a cessation of all hostilities in the Middle East for seven days, including in Lebanon. Under this offer, the Strait of Hormuz would reopen, and talks to end the broader war as well as nuclear negotiations would be revived within seven days.
Iran's president expressed a desire to reach a deal before the November midterm elections, as high fuel prices put pressure on President Donald Trump. While Trump has indicated he believes a deal could be reached after the midterm elections, Iran's president condemned what he called a bullying mentality from Trump, who recently threatened to annihilate Iran.